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Disappointing Quarterly Results Have Analysts Revising Their Calls

In Wednesday's Analysts' Actions, a bullish call on Kate Spade, multiple downgrades for King Digital and a downgrade for Cree. Barclays thinks the pullback Kate Spade (KATE) had on Tuesday is an 'entry point to get into the high-end brand.' The firm reiterated its 'Overweight' rating and its price target of $50 a share. King Digital Entertainment (KING) was bombarded with downgrades Wednesday morning after disappointing earnings results. JPMorgan downgraded the 'Candy Crush Saga' game maker to a 'Neutral' rating from 'Overweight,' Barclays lowered the share rating to an 'Equal Weight' from 'Overweight' and Deutsche Bank is also hoping on the bandwagon taking the stock to a 'Hold' from a 'Buy' rating. Canaccord lowered its price target for Cree (CREE) to $64 from $77 a share. The firm is maintaining its 'Buy' rating for the LED lighting maker saying it believes 'despite any short-term hiccups, that the company's brand and channel will continue to expand.' TheStreet's Susannah Lee reports from New York.